The Core Fixed Income Portfolio
Actively managed U.S. bond fund
As of its 2026 Q2 report, The Core Fixed Income Portfolio held 2,468 positions with $2.12B in net assets. Its ten largest holdings made up 39.8% of the fund. The HCIIX share class costs 0.3% a year. Over the 12 months to May 2026, HCIIX returned 4.2%, with dividends reinvested. In 2026 Q2 it added 112 new positions and exited 83.
The investment objective of The Core Fixed Income Portfolio is to provide a high level of current income consistent with the preservation of capital.
The fund invests at least 80% of assets in fixed income securities rated in the four highest categories by major rating agencies, typically investment-grade corporate bonds, government securities, mortgage-backed securities, and municipal bonds, with maturities aligned to the Bloomberg U.S. Aggregate Bond Index range. The fund may allocate up to 20% to high yield securities and employs multiple specialist managers to provide diversified investment styles. The fund writes covered call and put options on securities and indexes to generate additional income, with initial maturities up to nine months.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
iShares US Treasury Bond ETF | 14.38% | $304.39M | — |
Vanguard Intermediate Term Treasury ETF | 12.13% | $256.82M | — |
TPLXXState Street Institutional Investment Trust: State Street Institutional Treasury Plus Money Market Fund; Trust | 6.44% | $136.37M | — |
SS INST TREAS PLUS MM FUN | 4.83% | $102.16M | — |
United States of America 4.00% · due 2035-11-15 | 0.35% | $7.50M | — |
BANK OF AMERICA CORPORATION 5.51% · due 2036-01-24 | 0.34% | $7.25M | — |
United States of America 3.38% · due 2033-05-15 | 0.34% | $7.15M | — |
United States of America 4.13% · due 2036-02-15 | 0.34% | $7.09M | — |
United States of America 3.88% · due 2033-08-15 | 0.33% | $7.07M | — |
United States of America 4.25% · due 2035-08-15 | 0.33% | $7.03M | — |
The 200 largest of 2,468 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 51.19% |
| Other | 26.58% |
| Cash & short-term | 11.34% |
| Securitized | 10.93% |
| Derivatives | 0.15% |
Derivatives are shown at market value, not notional exposure.
By sector
- Government
- 37.5%
- Other
- 29.2%
- Cash
- 11.3%
- Securitized
- 10.9%
- 12 other sectors
- 11.1%
- Government
- 37.5%
- Other
- 29.2%
- Cash
- 11.3%
- Securitized
- 10.9%
- Financials
- 4.1%
- Utilities
- 1.6%
- Health Care
- 0.8%
- International
- 0.8%
- Information Technology
- 0.8%
- Communication Services
- 0.7%
- Industrials
- 0.7%
- Consumer Staples
- 0.5%
- Real Estate
- 0.4%
- Energy
- 0.3%
- Materials
- 0.2%
- Consumer Discretionary
- 0.2%
How it has done
HCIIX share class · total returns with dividends reinvested
Volatility over the last 12 months: 3.61%. Past returns are a record, not a forecast.
Jun 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Fees & fund details
The Core Fixed Income Portfolio is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Expense ratio, by class
- 0.30%· HCIIX 0.30%
- Portfolio turnover
- 44.00% a year · as of 2026 Q1
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
112 new· the largest 2
83 exited· the largest 3
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 98.9% |
| Floating rate | 1.1% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 1.4% |
| 1-3y | 22.8% |
| 3-5y | 18.2% |
| 5-10y | 21.9% |
| 10y+ | 35.6% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying a small fraction as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 76% |
| Credit spreads | 24% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +1.43 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 1 yr | 0.44 yr | 10% |
| 5 yr | 1.39 yr | 31% |
| 10 yr | 1.74 yr | 39% |
| 30 yr | 0.88 yr | 20% |
3 mo is NEGATIVE (-0.02 yr) — a deliberate hedge at that point on the curve, so it is not part of the band above.
| 3 mo | 0.00 yr | 0% |
| 1 yr | 0.12 yr | 8% |
| 5 yr | 0.44 yr | 31% |
| 10 yr | 0.62 yr | 43% |
| 30 yr | 0.25 yr | 18% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | -0.02 | +0.00 | +0.00 | $1.0k | $0 |
| 1 yr | +0.44 | +0.12 | +0.00 | $24.6k | $0 |
| 5 yr | +1.39 | +0.44 | +0.00 | $92.9k | $0 |
| 10 yr | +1.74 | +0.62 | +0.00 | $130.2k | $0 |
| 30 yr | +0.88 | +0.25 | +0.00 | $53.1k | $0 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Understand how this fund fits with the rest.
Explore shared holdings, compare funds and follow their businesses with your connected AI:
- “Where do my funds overlap — HCIIX, QQQ and the fund in my 401(k)?”
- “How do this fund’s ten biggest holdings stack up against each other?”
- “For my target-date fund, what’s the real stock-and-bond mix once you look through it?”